Isn’t this an organization that we spend millions of dollars supporting?
In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
It added that the present system, under which the dollar acts as the world’s reserve currency , should be subject to a wholesale reconsideration.
# 23 bobbo, not an economist:
“Does it make sense to you that a here to fore dirt poor country with no resources, technology, or modern world skills should become rich because they dig something up out of the ground? Does that make sense to you?”
You mean like, for example, petroleum?
“Better to have wealth based on the number of cows you have. Food–real intrinsic value.”
I see no difference between the two. Whatever it is, it’s worth what you can sell it for: gold, cows, petroleum, cheap labor (laborers), expensive labor (doctors, scientists), washing machines, airplanes or computers, it’s all barter and trade. The difference is, the countries that export manufactured goods such as the washing machines, airplanes, computers and expensive labor benefit themselves economically more widely than those where the source of the wealth is just dug out of the ground (usually by foreign companies).
We’re all just stumbling around in the dark trying to figure this stuff out. Economics is not a science; it’s a descriptive discipline, like botany used to be before biochemistry came along.
Anyway, I think we should call it the “UNO!”
UNO! Pronounced YOU’-know.
The dollar was at one time based upon gold.
32 of those dollars would buy an ounce of gold from Fort Knox. But only if you were a foreign government. US citizens carried paper dollars around that were called silver certificates, before the godly group started putting their propaganda on them. Larger bills were federal reserve notes and represented gold.
Then a Frenchman named Degaulle whose country was in need of a few bucks, repaid the U.S. for saving his ass in WWII by exchanging his dollars for gold, which was then sold on the open market for the then current price of 108 dollars. After his bleeding of our gold reserves, the country stopped backing it’s money with gold. It helps to understand the why and how without the propaganda.